Here are a few things to think about when deciding on how much life insurance you may need to secure your family’s financial future:
- How much income would my family need to maintain their lifestyle if I were to pass away? Are there any savings or other liquid assets they could survive on?
- Who else depend on me financially? Parents, grandparent, or siblings?
- Will my children need money to finish their education in the event of my death?
- How will my family pay final expenses?
- What taxes will be due after my death?
- Another thing to keep in mind, especially if youβre younger is, how inflation will affect future needs of your family in the event of your death.
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Authoritative Resources: Life insurance products are regulated by the NAIC (National Association of Insurance Commissioners). Insurers use health history data maintained by the MIB Group during underwriting β consumers can request one free annual MIB report at mib.com.